Paratek Pharmaceuticals, Novartis ink worldwide licensing agreement for PTK 0796

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. represented its client, Paratek Pharmaceuticals, Inc. in a worldwide licensing agreement with Novartis for its late-stage antibiotic, PTK 0796. The antibiotic is used to treat a wide variety of life-threatening infections, including some drug resistant bacteria. The deal is estimated to be worth $485 million in milestones and fees combined, plus a royalty on global net sales. Both companies will share responsibility for developing the drug.

Representing Paratek Pharmaceuticals from Mintz Levin were Lewis Geffen and John Cheney, both Members in Mintz Levin’s Life Sciences Practice.